PSX hold gong ceremony upon listing beverage can producer
Pakistan Stock Exchange (PSX) held a gong ceremony upon listing of Pakistan Aluminium Beverage Cans Limited (PABC).
This was the second successive listing for the current fiscal year 2022 and another step forward for Pakistan’s capital market.
Representatives of PABC including Mr. Ashraf Mukaty, Mr. Shahid Soorty, Mr. Zain Mukaty, and Mr Ahmed Mukaty as well as representatives from Arif Habib Limited (AHL) who were the Consultants & Book Runners to the Offer for sale of shares of PABC, were welcomed by Mr. Nadir Rahman, COO, and senior management of PSX.
To mark the listing and to open the trading day, the gong was struck, on behalf of PABC and its sponsor shareholders, by Mr. Mukaty, the CEO of Liberty Mills Limited, amidst the presence of senior management of PSX, PABC and AHL.
PABC expected to raise at least Rs3.3 billion in the IPO but was able increase this with interest through the roof. The IPO was oversubscribed by 2.5 times at 233.23 million shares against the offer to sell 93.88 million shares
The company secured the maximum allowed price of Rs49 per share having kick-started the auction at the minimum (floor) price of Rs35 per share.
PABC is the country’s only manufacturer of aluminium beverage cans and supplies the likes of PepsiCo and Coca-Cola in both Pakistan and Afghanistan.
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